LaFayette has its own electric system. Georgia Power supplies the business park. Mr. Ladd was advised to contact Georgia Power, which has two “cryptocurrency” specialists that deal with such issues. Mr. Ladd said the estimated construction cost for the operation at the business park would be $1.2 million. He is asking that the county help with bringing high voltage feeder lines from the substation to power 10 MGT transformers. He said the city of LaFayette brought lines to that operation. Mr. Ladd said the current industry demand for bitcoin mining could accommodate in the near term a five-time expansion of the initial project.
Robert Ladd of MGT said his firm is “a trailer park” for bitcoin miner operations. It sets up 40-foot containers for use by bitcoin mining firms and charges a monthly fee. Bitcoin is a digital currency, and the term mining is used for utilizing computer processing equipment in bitcoin record keeping. Bitcoins are created as a reward for the mining process. Bitcoins can be exchanged for other currencies, products, and services.
He noted that the operation is a huge user of electric power, and his firm makes sure there is an adequate power supply. It is seeking a second site at the Walker County News Park. The firm wants to buy two acres just south of a Georgia Power electrical substation.
Officials said the cost of the two acres at the business park would be about $50,000.
Mr. Ladd said the clients for the containers install very expensive computer processing equipment and his firm furnishes security. Shannon Whitfield, Walker County Commission chairman, questioned whether the clients are paying personalty tax on that high-value equipment. He said China “has basically shut down (bitcoin mining) and told everyone to get out.” He said that has raised the demand elsewhere.
The News Highlights
- Bitcoin Mining Businesses in Walker County May Be Expanding
- Check the latest News news updates and information about business, finance and more.
For Latest News Follow us on Google News
- Show all
- Trending News
- Popular By week